1. Access to Payment Systems: Growth Analysis

Key Takeaways:

1. Wallet and Mobile Banking Growth: Wallet users grew by -0.32% and mobile banking users increased by 1.16%, showcasing the growing trust in digital financial tools.
2. Steady Card Usage: Debit and credit card issuance also increased marginally, indicating continued adoption of payment cards.
3. Branchless Banking Centers: A slight decline (-0.56%) in branchless banking centers may reflect a shift to fully digital services.

      2. Usage of Payment Systems: Month-on-Month Comparisons

Key Comparisons

1. RTGS Surge: RTGS volumes grew by 8.98%, with a significant 0.13% increase in transaction amounts, indicating increased use of large-value transfers.
2. Faster Payment Systems Growth: Transactions via faster payment systems increased by 3.99% in volume and 1.47% in value, showing steady growth in digital convenience services.
3. E-commerce Boost: E-commerce transaction value rose sharply by 11.74%, reflecting increased consumer confidence in online shopping.
4. QR-Based Payments: While transaction volumes increased by 5.03%, transaction values grew slightly 1.29%, suggesting higher-value QR-based transactions.
5. Mobile Banking Dominance: Mobile banking usage continues to grow, with a 3.25% increase in volume and a 2.56% increase in value.
6. Cross-Border QR Payments: This category showed a substantial jump in transaction volume (+57.26%) and value (+62.69%), highlighting its growing importance for international remittances and trade.

Conclusion

The data from Poush 2081 reaffirms the digital transformation of Nepal’s payment ecosystem. While traditional methods like ATM withdrawals remain steady, digital platforms such as mobile banking, e-commerce, and faster payment systems are rapidly advancing. These trends underscore a future where cashless transactions are likely to dominate.

The notable growth in RTGS and cross-border QR payments also signifies the increasing demand for both high-value domestic transactions and international payment systems. However, areas like POS transactions and wallet usage witnessed slight declines, suggesting a need for renewed focus on user engagement.

Nepal’s payment landscape is steadily evolving toward greater digitization, promising a more efficient and inclusive financial ecosystem.